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Comparing E.I. and Canada Bonds: 1943 and 2015

I find it interesting sometimes to compare the past and the present. I have my deceased grandfather's Canadian Soldier's Handbook from 1943. It contains a lot of interesting information, but I found the information on Unemployment Insurance and bonds the most interesting for a comparision of 1943 and 2015.

Employment Insurance in 2015. [Unemployment Insurance was changed to Employment Insurance]

Am I eligible for EI regular benefits?

You may be entitled to receive EI regular benefits if you:

are employed in insurable employment; lost your employment through no fault of your own; have been without work and without pay for at least seven consecutive days in the last 52 weeks; have worked for the required number of insurable hours in the last 52 weeks or since the start of your last EI claim, whichever is shorter; are ready, willing, and capable of working each day; and are actively looking for work (you must keep a written record of employers you contact, including when you contacted them).

You may not be entitled to receive EI regular benefits if you:

voluntarily left your employment without just cause; were dismissed for misconduct; or are unemployed because you are directly participating in a labour dispute (strike, lockout, or other type of dispute).

What is the two-week waiting period?

Before you start receiving EI benefits, there are two weeks for which you will not be paid. This is what we call the "waiting period." The waiting period is like the deductible that you must pay for other types of insurance.

You usually serve the waiting period at the very beginning of a benefit period, unless you receive earnings during this two-week period. In that case, the waiting period will start during the first week for which you would otherwise be entitled to benefits.

How much will I get?

We cannot tell you exactly how much you will receive without having processed your application. However, we can tell you that the basic rate for calculating EI benefits is 55% of your average insurable weekly earnings. As of January 1, 2015, the maximum insurable earnings amount is $49,500. This means that you can receive a maximum amount of $524 per week.

For how long will I receive EI benefits?

You may receive EI regular benefits for a period ranging from 14 to 45 weeks. The number of weeks you may receive benefits depends on the unemployment rate in your region and on the number of hours of insurable employment that you accumulated during your qualifying period, which is usually the last 52 weeks before the start date of your claim.

Source: Employment Insurance Regular Benefits

Unemployment Insurance in 1943.

Unemployment Insurance

Under the Unemployment Insurance Act of 1940, employers and the Government [Government no longer contributes] are required to contribute to the Unemployment Insurance fund. If an employee has made contributions for at least 30 weeks and becomes unemployed he can apply to his nearest Unemployment Insurance office, for a subsistence allowance provided he is fit and capable of working but for whom no work is available.

For example, if you have contributed 36¢ per week for 30 weeks, for a total of $10.80, you can obtain as much as $80.40 in six weeks of insurance benefits. If you are steadily employed in insurable employment for five years, you would contribute $93.60 and would be entitled to draw benefit for as much as $748.80 or about $8.00 for every $1.00 you have contributed.

Source: Canadian Soldier's Handbook, 1943.

Investing And Saving in 2015.

The Canada Premium Bond

The Canada Premium Bond (CPB) is the only product available for sale through financial institutions, dealers and Customer Service. It is a safe and secure savings product issued and fully guaranteed by the Government of Canada.

Since 1 August 2012, The Canada Premium Bond can be redeemed at any time during the year. Note that if CPBs are redeemed prior to the anniversary date of issue, interest earned from the last anniversary date up to the date of redemption will be forfeited, and only interest earned up to the last anniversary date of issue will be paid out.

Since November 2012, The Canada Premium Bond has a three-year term to maturity, with interest rates announced for the same period and remaining in effect for that announced period. At the end of the period, new rates are announced by the Minister of Finance based on the prevailing market conditions.

Starting October 2013, a social insurance number (SIN) will be mandatory when purchasing a CPB. For minors who do not have a SIN, the date of birth will be mandatory. As well, direct deposit information is mandatory for Regular Interest Bond purchases.

The Canada Savings Bond

Since November 2012, Canada Savings Bonds (CSBs) are only available through the Payroll Savings Program.

The Canada Savings Bond is a safe and secure savings product issued and fully guaranteed by the Government of Canada. CSBs can be redeemed at any time during the year.

The Canada Savings Bond has a three-year term to maturity, with interest rates announced for one year and remaining in effect for that period. At the end of one year, new rates are announced by the Minister of Finance based on the prevailing market conditions.

[As of November, 2017, Canada Savings Bonds and Canada Premium Bonds are no longer available for purchase.]

Source: Canada Savings Bond Program

Investing And Saving in 1943.

War Savings Certificates And Stamps

This is a very easy and profitable method of saving. You may easily purchase certificates by going to your Paymaster who will make arrangements for an assignment of a portion of your pay to cover the cost. The Government wants to borrow the money from you now to pay for the guns, tanks, shells, etc, which will beat the enemy.

Remember that for every $4.00 you invest in War Savings Certificates now, you get $5.00 at the end of the seven years - guaranteed by the Government of Canada. Save your money for a rainy day.

Source: Canadian Soldier's Handbook, 1943.

© Trevor Dailey

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